Thursday, November 20, 2014

Affin Hwang Capital Daily Insight (LV) - 20 November 2014 - AIRASIA / KLK / AMMB / MSM / STAR / AAX / FIXED INCOME RESEARCH

Top Calls

Results Note Air Asia (BUY, maintain)

- Flew through turbulence

AirAsia
s 9M14 core earnings of RM429m came in within our expectation. 3Q14 revenue grew by a marginal 2.9% yoy on higher passenger growth and ancillary income. However, core earnings fell on higher cost/ASK (ex-fuel) and higher interest expense and depreciation charges on bigger fleet. No change to forecasts and TP of RM2.80. Maintain BUY as outlook is poised to improve.


Other Calls

Results Note KL Kepong (ADD, downgrade)

- Resistance for further rise in (CPO) prices

Results Note AMMB Holdings (SELL, maintain)

- Disposal gains underpin profit

Results Note - MSM (REDUCE, maintain)

- 9M14 numbers within expectations

Results Note - Star Publ. (REDUCE, upgrade from SELL)

- Print media going through a rough patch


Fixed Income Research

- Softer Govvies in line with softer MYR



For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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